Market overview: pound climbs, gold recovers and bitcoin steadies
ITF Team2 min read
Pound hits highest level since Brexit as BOE eyes rate hike; gold extends recovery amid US midterm volatility; bitcoin holds above $80,000.
Key takeaways
- Pound reached its strongest level against a basket of currencies since 2016 on 11/5/2026.
- Gold rose above $4,000/oz as US midterm results lowered Treasury yields.
- Bitcoin stayed above $80,000 after a modest 0.2% dip on 11/5/2026.
- AUD/USD traded around 0.7010, just above the 0.7000 psychological level.
Global markets ended the day mixed as the British pound surged to its highest level since the Brexit referendum, while gold continued its post‑election rally and bitcoin hovered just above the $80,000 mark. The main driver was the Bank of England’s anticipated rate hike, which lifted sterling and pushed UK gilt prices higher.
Currency moves and central‑bank outlook
Sterling posted its strongest performance against a broad basket since 2016, buoyed by expectations that the Bank of England will raise rates for the first time in over three years. Societe Generale noted GBP/USD reclaimed its 200‑day moving average and faces resistance near 1.3555. Meanwhile, the Australian dollar steadied above 0.7000, trading around 0.7010, supported by a solid trade surplus and a softer US dollar.
The US dollar index continued its post‑midterm decline as Brent oil slipped and Treasury yields softened. MUFG highlighted that weaker yields and lower oil prices contributed to the dollar’s slide, reinforcing the broader risk‑on sentiment.
Gold and precious metals
Gold extended its recovery, moving further away from the year‑to‑date low of $3,870. The metal gained momentum after US midterm results triggered a flight to safety, lowering Treasury yields and weakening the dollar. ING analysts warned that the rally could face headwinds if yields rise again, but the current support sits above $4,000 per ounce.
Silver also posted gains, trading at $52.85 per ounce, up 1.16% from the previous day, reflecting the same risk‑off dynamics that lifted gold.
Read also: Gold stalls below $4,150 as US dollar regains ground on Nov 5, 2026
Cryptocurrency snapshot
Bitcoin held above $80,000 after a brief 0.2% dip to $80,250, staying in the range that followed Wednesday’s jump. Spot ETFs ended a three‑day outflow streak, providing modest support. VanEck warned that miners remain oversold after a 35% October rout, while a Trump‑linked mining firm posted a $126 million profit but missed revenue forecasts due to higher electricity costs.
Key calendar events for the next 24 hours
- 12:30 UTC | GBP BOE Gov Bailey Speaks | high impact
- 12:40 UTC | CHF SNB Chairman Schlegel Speaks | medium impact
- 13:30 UTC | USD Unemployment Claims | medium impact
- 15:30 UTC | CAD BOC Gov Macklem Speaks | medium impact
- 18:00 UTC | EUR ECB President Lagarde Speaks | medium impact
- 21:00 UTC | CAD Annual Budget Release | medium impact
Frequently asked questions
Why did the pound reach its highest level since the Brexit vote?
The pound surged because markets expect the Bank of England to raise interest rates for the first time in more than three years, making sterling the strongest currency against a basket since 2016.
What is driving gold’s move above $4,000 per ounce?
Gold’s rise is linked to lower US Treasury yields and a weaker dollar after the US midterm elections, which increased demand for safe‑haven assets despite potential headwinds from future yield changes.
How is bitcoin performing after the recent market turbulence?
Bitcoin stayed above $80,000, slipping only 0.2% to about $80,250, as spot ETFs halted outflows and mining firms reported mixed results, keeping the cryptocurrency in a relatively stable range.
Official data sources
Related news
- Gold stalls below $4,150 as US dollar regains ground on Nov 5, 2026
- Bank of England hikes rate to 4% as inflation outlook nears 5%
- Gold consolidates near two‑week high as modest USD bounce and Fed hike bets cap upside
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This article is compiled from international market news for information only. It is not investment advice.